An essay on the Milroy v Lord principle in Equity and Trusts.
It was established in Milroy v Lord that there must be an effective transfer of property. The settlor had executed a voluntary deed purporting to transfer shares on trust for the plaintiffs. In fact such a deed was ineffective to secure such a transfer.The traditional approach to imperfect gifts was enunciated in the seminal case of Milroy v Lord. An uncle wishing to provide for his niece, gave share certificates to Lord to hold on trust for her. However, the physical passing of certificates did not pass legal title to Lord.The developments in equity following the case of Milroy v Lord will be analyzed to assess the level of progression which can be discovered when compared to the starting point of incomplete gifts. The topic at hand is about the nature of equity law’s development and progression through precedent.
In considering the conception of trusts, a settlor who needs to create an express trust, is needed to follow the view in the case of (Milroy v Lord). (7) The test requires that the focus matter of the trust is needed to be transferred to the trustees contrary to a valid declaration of trust. This is recognized as the transfer and declaration.
Milroy v Lord 45 E.R. 1185 is an Equity and Trusts case. Furthermore, it concerns the every effort rule and the constitution of trusts.
Sample Essay Questions Question 1. In order for a settlor to create a valid inter vivos trust of property he owns absolutely, it is necessary both to constitute the trust perfectly and to meet certain statutory requirements. Discuss.. (Milroy v Lord (1862)). A recent innovation created by the Privy Council involves the occasion where the.
Milroy v Lord (1862) EWHC J78 A voluntary deed executed by Milroy purported to assign 50 shares to Samuel Lord. Lord was supposed to hold the property on trust for Milroy and some of his relatives (including the claimant).
The aforementioned assertion, was supported by Lord Turner in Milroy v Lord who established the rule “for there is no equity in this Court to perfect an imperfect gift”. A conservative example of this maxim is the case of Re Fry (12).
Queen Victoria between 1837 and 1901: Milroy v Lord (1862), Saunders v Vautier(1841), Fletcher v Fletcher (1844), Knight v Knight (1840); M’Fadden v Jenkyns (1842), and in relation to company law Saloman v Saloman (1897) which held that companies were separate legal persons and not trusts at all. That timing is no surprise in itself.
Griffith CJ dissented (approved in Norman v FCT by Windeyer J and Re Rose): Held there was an effective gift. Held that everything to be done means done by the donor. Focussed on what steps could only be completed by the assignor alone. To satisfy Milroy v Lord, the assignor must only complete those steps, the remaining steps to perfect the assignment can be carried out by the assignee.
Turner LJ in Milroy v Lord reaffirmed three methods of making a gift recognized by equity: (1) the donor arranges an outright transfer of legal title to the property (or the outright assignment of an already existing equitable interest); (2) the donor transfer the legal title of the property to the trustee to hold on trust; or (3) the donor declares himself a trustee of the property.
Milroy v Lord (1862), Re Fry (1946), Jones v Lock (1865) and finally Richards v Delbridge (1874) all these cases although are four different types of property that needed transfer yet they have one common ingredient this of the intention of the transferor to make a valid settlement and finally convey the property.
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The leading case in this area is Milroy v Lord (3) where a voluntary deed which purported to assign 50 shares to Samuel Lord on trust for Milroy. Lord was already acting as Milroy’s agent under a power of attorney. The formalities of the share transfer were not complied with. Milroy therefore sought to establish that a trust had been declared.
Milroy v Lord identified three principal ways in which a person can make a gift to and also that the person making the gift must do everything in their power to transfer legal title of the property off the type in question. Sophie has in this instance opted to set up a trust and must therefore transfer title to the trustees for the trust to be completely constituted.
Into this fluid area of the law is imposed the common law in the premise of this essay from Turner LJ in Milroy v Lord: There are three modes of making a gift and these modes are mutually exclusive (1) An outright transfer of the legal title to the property (2) A transfer of the legal title to the property to a trustee to hold or (3) A self-declaration of trust.
The case of Milroy v Lord thus provides that for the settlement to be binding there must be either an outright transfer, a declaration of self as trustee, or a transfer of property to a third party as trustee.